Algo Capital, the financial institution focused on accelerating access, adoption and liquidity of the Algo, the native digital currency of the Algorand blockchain, announced the closing of its Algo VC Fund at $200 million, surpassing the firm’s original goal of $100 million. The fund will invest in category-leading businesses that are building on the Algorand technology platform and seeks to accelerate the use and acceptance of the Algo as a means of payment.
It is backed by a collection of experienced financial and blockchain industry investors across North America, Latin America, Asia and Europe, including Brainchild, NGC Ventures (the venture arm of NEO Global), Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others.
Founded and led by veteran blockchain investor David Garcia, entrepreneur-turned-VC Arul Murugan, and blockchain technology expert Pablo Yabo, Algo Capital builds modern financial products to power Algorand’s borderless economy. It is a separate independent entity from both the Algorand Foundation and Algorand LLC, which developed a pure proof-of-stake protocol that is the first of its kind capable of supporting billions of users and transactions on blockchain.